Premier Li congratulates inaugural ceremony of AFCA

Updated 2017-07-25 09:48:25 Xinhua
Chinese Vice Premier Ma Kai attends the inaugural ceremony of the Asian Financial Cooperation Association (AFCA) in Beijing, capital of China, July 24, 2017. (Xinhua/Yan Yan)

Chinese Vice Premier Ma Kai attends the inaugural ceremony of the Asian Financial Cooperation Association (AFCA) in Beijing, capital of China, July 24, 2017. (Xinhua/Yan Yan)

Chinese Premier Li Keqiang Monday sent a congratulatory letter to the inaugural ceremony of the Asian Financial Cooperation Association (AFCA).

The establishment of a stable and efficient financial system is an important foundation for sustainable development of the world economy, and the AFCA will serve an important role in optimizing the allocation of regional financial resources and supporting the development of all countries, especially emerging economies, Li said in the letter.

Vice Premier Ma Kai attended the ceremony.

The AFCA came as another China-proposed regional financial organization after the Asian Infrastructure Investment Bank.

Officially established in May at the Belt and Road Forum in Beijing, the new organization has 107 institutions from around the world as founding members, covering banking, securities, insurance and other financial areas.

China is willing to join hands with relevant parties to push for the construction of the Belt and Road Initiative, for which AFCA can provide strong support, according to Li's letter.

Li hoped that the AFCA could follow the philosophy of green finance and inclusive finance, step up exploration and cooperation, and make active contributions to the stable growth of Asian economy, and the global economy as a whole.

"The AFCA should gradually develop into a promoter of regional financial exchanges and cooperation, a leader of standard-setting bodies, a defender of security and stability, as well as a participant in global financial governance," Li said.

Echoing Li's remarks, Ma stressed the significance of strengthened cooperation among Asian financial institutions amid new opportunities and challenges in the area when addressing the ceremony.

Ma expects the organization will provide a professional, practical, innovative, efficient, inclusive and win-win platform for financial exchanges and cooperation.

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